"Working with our British partners, we will chart a greater path towards success and opportunity and create an even more robust economic partnership.”
– Governor Greg Abbott
Texas Insider Report: AUSTIN, Texas – "Texas is the economic engine of America, where entrepreneurs from around the globe can cast a vision and know they can achieve it. Working with our British partners, we will chart a greater path towards success and opportunity – and create an even more robust economic partnership,” said Governor Greg Abbott, signing a "Statement of Mutual Cooperation" (SMC) with United Kingdom's Secretary of State for Business & Trade Kemi Badenoch (right,) while in London this week for an economic development trip to deepen the strong partnership between the United Kingdom and Texas.
The United Kingdom leads all nations for the number of foreign direct investment projects in Texas, and Texas is No.1 among the states for exports to the United Kingdom. The agreement will encourage future and expanded trade in critical industries, and attract new job-creating business investments to Texas.The signing ceremony took place at 10 Downing Street, the historic residence of British prime ministers since 1735.
“As our ninth largest trade partner, the United Kingdom plays a critical role in the Texas economic juggernaut,” said Governor Abbott.
“Strengthening the bond between Texas and the United Kingdom is crucial for our shared economies to prosper, and by signing this Statement of Mutual Cooperation today we will further promote economic growth – on both sides of the Atlantic," the governor said.
Governor Abbott and U.K. Prime Minister Rishi Sunak discussed their commitment to a deepening of the already-strong cultural and economic relationship between the people of Texas and the United Kingdom. Hosted by Secretary Badenoch, the Governor later attended an evening reception with business and government leaders from the UK.
"The United Kingdom and Texas already share $18 billion worth of goods trade last year, and today's signing brings us even closer," said Secretary of State Badenoch.
"This MoU is designed to make it cheaper and easier for the United Kingdom and Texan businesses to thrive in each other's markets. It will strengthen trade ties and help us work together on shared expertise like life sciences and professional business services.
"I want to thank Governor Abbott and his team for helping to make it happen," Badenoch said.
The SMC signed by Governor Abbott and Secretary Badenoch will further promote economic growth, support innovation, and encourage job creation in Texas and the United Kingdom. The statement prioritizes collaboration in sectors such as:- New and emerging innovative energy solutions,
- including Hydrogen, Carbon Capture, and Energy Storage;
- Chemicals production;
- Health & life sciences;
- Supply chains & Critical Minerals;
- Advanced technologies;
- Aerospace;
- and more.
Later, at the Foreign, Commonwealth & Development Office, the Governor met with the former Prime Minister, the Right Honorable Lord David Cameron, currently the United Kingdom Secretary of State for Foreign, Commonwealth, and Development Affairs. During their meeting, the Governor and the Foreign Secretary discussed strengthening the unique economic partnership and ways to bolster trade between Texas and the United Kingdom.
Joined by First Lady Cecilia Abbott, Secretary of State Jane Nelson, the Governor’s Economic Development & Tourism Office Executive Director Adriana Cruz, and Texas Economic Development Corporation President & CEO Aaron Demerson, Governor Abbott highlighted several UK companies that have made significant investments in Texas, including:
- BP's new 187 megawatt solar project,
- JCB’s new construction equipment manufacturing facility,
- Linde's $1.8 billion investment to supply clean hydrogen to OCI's blue ammonia plant, and
- BAE Systems new engineering and production facility.
In 2023, Texas trade with the United Kingdom totaled $18.2 billion, making them the state’s ninth-largest total trade partner. In the last decade, companies from the United Kingdom have invested $8.6 billion in capital investment through 326 projects in Texas, creating more than 18,200 Texas jobs.The trip is sponsored and paid for by the Texas Economic Development Corporation, an independently funded and operated 501(c)(3) nonprofit organization responsible for marketing and promoting Texas as a premier business location.
Along with the Governor’s Economic Development & Tourism Office, these two organizations make up the cornerstone of Governor Abbott’s economic development agenda to build a bigger, better Texas.
